I think I've given the impression of being a fiscal conservative, and I conduct my personal finances along those lines.

Not that I eschew all debt; but I do keep it under control.

One of the ways I've done that over the years is to take advantage of times when I've had a bit of disposable income, and using a portion of it to attack the principal of any debt I might have at the time.

Earlier this fall, when my CPP and EI premiums were paid up for the year, I used that portion of my pay to finish off a small loan (taken out to cover the various and sundry expenses associated with my separation) I had with my credit union.

That done, I then started paying attention to my Bank of Montreal Mastercard debt, and making "extra" payments on it, as I have from time to time over the last while.

While I'm using this credit source to finance some long, long overdue renovations to my house I don't expect the debt level to shrink for the next while. But, at least the "extra" payments would help to keep the debt level well within my comfort zone.

I really should pay more attention to stuff.

I arranged for the minimum monthly payment to be automatically withdrawn from my account when I established this credit. Because I've been adding to the debt level here and there, I never really noticed something funny, other than figuring I had a little extra in my bank account than the spread sheet in my brain indicated I should have.

Cutting to the chase, I discovered on my last statement that the "extra" I have been paying has just accounted as my "minimum" payment; that is to say, if I paid half my "minimum" payment as an "extra" payment, that amount was deducted from my automatic withdrawl from my account.

I had expected, like any other loan I had ever taken out, that "exta" payments attacked the principal.

Caveat Emptor, I know.

But ya know, this is a fancy bit o' cheatin on the part of the Bank of Montreal.

Fool me once........